S. Africa, Pioneer Food Near Deal On Cartel Case

Law360, New York (September 21, 2010, 3:17 PM EDT) -- Pioneer Food Group Ltd. said Tuesday it was nearing a settlement with South Africa's competition regulator following a court's decision to fine the company roughly 195 million rand ($25 million) for its alleged participation in a bread cartel.

The food producer said that progress on settlement negotiations with the Competition Commission prompted both parties to withdraw appeals in the Competition Appeal Court challenging the fine, the company said in a statement.

Pioneer said that the settlement amount would likely exceed the amount of funds it has...